{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,17]],"date-time":"2026-01-17T03:29:26Z","timestamp":1768620566342,"version":"3.49.0"},"reference-count":61,"publisher":"MDPI AG","issue":"9","license":[{"start":{"date-parts":[[2024,9,11]],"date-time":"2024-09-11T00:00:00Z","timestamp":1726012800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/100012900","name":"Qingdao Agricultural University","doi-asserted-by":"publisher","award":["6602423711"],"award-info":[{"award-number":["6602423711"]}],"id":[{"id":"10.13039\/100012900","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/100012900","name":"Qingdao Agricultural University","doi-asserted-by":"publisher","award":["6602424713"],"award-info":[{"award-number":["6602424713"]}],"id":[{"id":"10.13039\/100012900","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Sustainable development has become a corporate goal all over the world, and innovation as a crucial prerequisite for sustainable development has attracted much attention. This study investigates the relationship between the business environment and corporate innovation in Chinese A-share listed enterprises from 2017 to 2020. We use a complex indicator to measure the business environment and use multiple regression models to conduct the analysis. The findings suggest that a favorable business environment promotes corporate innovation by reducing financing constraints and environmental uncertainty. Compared to non-state-owned enterprises, the positive impact of the business environment on corporate innovation is enhanced in state-owned enterprises. Concentrated ownership enhances the positive impact of a favorable business environment on corporate innovation. Our study provides a new analytical perspective on the relationship between the business environment and corporate innovation in the context of China.<\/jats:p>","DOI":"10.3390\/systems12090360","type":"journal-article","created":{"date-parts":[[2024,9,11]],"date-time":"2024-09-11T05:45:12Z","timestamp":1726033512000},"page":"360","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Complex Business Environment Systems and Corporate Innovation"],"prefix":"10.3390","volume":"12","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-6916-5116","authenticated-orcid":false,"given":"Yu","family":"Gao","sequence":"first","affiliation":[{"name":"School of Business, Qingdao University, Qingdao 266071, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0009-0006-6201-9702","authenticated-orcid":false,"given":"Xiaojie","family":"Sun","sequence":"additional","affiliation":[{"name":"School of Business, Qingdao University, Qingdao 266071, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Na","family":"Liu","sequence":"additional","affiliation":[{"name":"School of Business, Qingdao University, Qingdao 266071, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Wenyu","family":"Zhang","sequence":"additional","affiliation":[{"name":"School of Business, Qingdao University, Qingdao 266071, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0350-5202","authenticated-orcid":false,"given":"Jian","family":"Xu","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Qingdao Agricultural University, Qingdao 266109, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2024,9,11]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","unstructured":"Cao, W., Zhang, Y., and Qian, P. (2019). The Effect of Innovation-Driven Strategy on Green Economic Development in China-An Empirical Study of Smart Cities. Int. J. Environ. Res. Public Health, 16.","DOI":"10.3390\/ijerph16091520"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"1333","DOI":"10.1016\/j.enpol.2019.03.009","article-title":"Do government subsidies promote firm-level innovation? Evidence from the Korean renewable energy technology industry","volume":"132","author":"Sung","year":"2019","journal-title":"Energy Policy"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"102111","DOI":"10.1016\/j.lrp.2021.102111","article-title":"The role of political ties and political uncertainty in corporate innovation","volume":"55","year":"2022","journal-title":"Long Range Plan."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"113686","DOI":"10.1016\/j.jenvman.2021.113686","article-title":"Government corruption, market segmentation and renewable energy technology innovation: Evidence from China","volume":"300","author":"Ren","year":"2021","journal-title":"J. Environ. Manag."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"213","DOI":"10.1017\/S0022109019000966","article-title":"Does Political Corruption Impede Firm Innovation? Evidence from the United States","volume":"56","author":"Huang","year":"2021","journal-title":"J. Financ. Quant. Anal."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"105767","DOI":"10.1016\/j.eneco.2021.105767","article-title":"How does fiscal policy uncertainty affect corporate innovation investment? Evidence from China\u2019s new energy industry","volume":"105","author":"Wen","year":"2022","journal-title":"Energy Econ."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"104128","DOI":"10.1016\/j.respol.2020.104128","article-title":"R&D tax credit and innovation: Evidence from private firms in india","volume":"50","author":"Ivus","year":"2021","journal-title":"Res. Policy"},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"711","DOI":"10.1016\/j.jbusres.2019.11.003","article-title":"R&D internationalization in medium-sized firms: The moderating role of knowledge management in enhancing innovation performances","volume":"128","author":"Ferraris","year":"2021","journal-title":"J. Bus. Res."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"117","DOI":"10.1016\/j.jebo.2020.10.026","article-title":"The impact of emerging market competition on innovation and business strategy: Evidence from Canada","volume":"181","author":"Yang","year":"2021","journal-title":"J. Econ. Behav. Organ."},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"719","DOI":"10.1111\/jfir.12297","article-title":"Do credit market accessibility and legal protection shape corporate innovation?","volume":"45","author":"Shen","year":"2022","journal-title":"J. Financ. Res."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"1517","DOI":"10.1111\/jofi.12040","article-title":"Law, Stock Markets, and Innovation","volume":"68","author":"Brown","year":"2013","journal-title":"J. Financ."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"2446","DOI":"10.1093\/rfs\/hhx023","article-title":"Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China","volume":"30","author":"Fang","year":"2017","journal-title":"Rev. Financ. Stud."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"2413","DOI":"10.1080\/00036846.2022.2102577","article-title":"Public governance and corporate innovation: Evidence from a quasi-natural event in China","volume":"55","author":"Cheng","year":"2022","journal-title":"Appl. Econ."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"121905","DOI":"10.1016\/j.techfore.2022.121905","article-title":"The effect of population size and technological collaboration on firms\u2019 innovation","volume":"183","author":"Calvo","year":"2022","journal-title":"Technol. Forecast. Soc. Chang."},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"102098","DOI":"10.1016\/j.jcorpfin.2021.102098","article-title":"Courting innovation: The effects of litigation risk on corporate innovation","volume":"71","author":"Hassan","year":"2021","journal-title":"J. Corp. Financ."},{"key":"ref_16","unstructured":"Hoftede, G., Hofstede, G.J., and Minkov, M. (2010). Cultures and Organizations: Software of the Mind: Intercultural Cooperation and Its Importance for Survival, McGraw-Hill."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"989","DOI":"10.1017\/S0022109019000115","article-title":"Political Activism and Firm Innovation","volume":"55","author":"Ovtchinnikov","year":"2020","journal-title":"J. Financ. Quant. Anal."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"2124","DOI":"10.1017\/S0022109019000735","article-title":"Corruption and Corporate Innovation","volume":"55","author":"Ellis","year":"2020","journal-title":"J. Financ. Quant. Anal."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"102398","DOI":"10.1016\/j.irfa.2022.102398","article-title":"Do regulatory policies matter to corporate innovation?","volume":"84","author":"Elmawazini","year":"2022","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"119669","DOI":"10.1016\/j.techfore.2019.05.027","article-title":"Do political connections matter for firm innovation? Evidence from emerging markets in Central Asia and Eastern Europe","volume":"151","author":"Krammer","year":"2020","journal-title":"Technol. Forecast. Soc. Chang."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"470","DOI":"10.1016\/j.jce.2019.02.005","article-title":"Corporate tax policy and heterogeneous firm innovation: Evidence from a developing country","volume":"47","author":"Shao","year":"2019","journal-title":"J. Comp. Econ."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"104129","DOI":"10.1016\/j.respol.2020.104129","article-title":"Should there be lower taxes on patent income?","volume":"50","author":"Gaessler","year":"2021","journal-title":"Res. Policy"},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"1415","DOI":"10.1017\/S0022109019000152","article-title":"Can Corporate Income Tax Cuts Stimulate Innovation?","volume":"55","author":"Atanassov","year":"2020","journal-title":"J. Financ. Quant. Anal."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"105698","DOI":"10.1016\/j.jbankfin.2019.105698","article-title":"Economic policy uncertainty, cost of capital, and corporate innovation","volume":"111","author":"Xu","year":"2020","journal-title":"J. Bank. Financ."},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"942","DOI":"10.1111\/eufm.12190","article-title":"The catalytic effect of internationalization on innovation","volume":"25","author":"Chang","year":"2019","journal-title":"Eur. Financ. Manag."},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"101329","DOI":"10.1016\/j.jwb.2022.101329","article-title":"International collaboration and innovation: Evidence from a leading Chinese multinational enterprise","volume":"57","author":"Fu","year":"2022","journal-title":"J. World Bus."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"116","DOI":"10.1016\/j.jfineco.2013.12.002","article-title":"Financial development and innovation: Cross-country evidence","volume":"112","author":"Hsu","year":"2014","journal-title":"J. Financ. Econ."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"985","DOI":"10.1016\/j.jfineco.2020.08.018","article-title":"Stock market liberalization and innovation","volume":"139","author":"Moshirian","year":"2021","journal-title":"J. Financ. Econ."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"683","DOI":"10.1080\/1351847X.2017.1347573","article-title":"Stock liquidity and enterprise innovation: New evidence from China","volume":"24","author":"Wen","year":"2018","journal-title":"Eur. J. Financ."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"2085","DOI":"10.1111\/jofi.12187","article-title":"Does Stock Liquidity Enhance or Impede Firm Innovation?","volume":"69","author":"Fang","year":"2014","journal-title":"J. Financ."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"101623","DOI":"10.1016\/j.jcorpfin.2020.101623","article-title":"Is social capital associated with corporate innovation? Evidence from publicly listed firms in the U.S","volume":"62","author":"Hasan","year":"2020","journal-title":"J. Corp. Financ."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"116","DOI":"10.1016\/j.jbusres.2018.10.012","article-title":"The value of social media for innovation: A capability perspective","volume":"95","author":"Muninger","year":"2019","journal-title":"J. Bus. Res."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"343","DOI":"10.1007\/s11142-020-09553-w","article-title":"Does the media spotlight burn or spur innovation?","volume":"26","author":"Dai","year":"2021","journal-title":"Rev. Account. Stud."},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"101873","DOI":"10.1016\/j.pacfin.2022.101873","article-title":"Economic policy uncertainty, bank loan, and cor-porate innovation","volume":"76","author":"Tian","year":"2022","journal-title":"Pac.-Basin Financ. J."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"2474","DOI":"10.1002\/sd.2790","article-title":"Institutional dynamics and corporate in-novation: A pathway to sustainable development","volume":"32","author":"Akbar","year":"2024","journal-title":"Sustain. Dev."},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"103404","DOI":"10.1016\/j.irfa.2024.103404","article-title":"Competitive imitation and corporate innovation in private enterprises","volume":"95","author":"He","year":"2024","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"102751","DOI":"10.1016\/j.irfa.2023.102751","article-title":"Institutional investor networks and firm in-novation: Evidence from China","volume":"89","author":"Fan","year":"2023","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"737","DOI":"10.1111\/j.1540-6261.1997.tb04820.x","article-title":"A survey of corporate governance","volume":"52","author":"Shleifer","year":"1997","journal-title":"J. Fi-Nance"},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"101973","DOI":"10.1016\/j.chieco.2023.101973","article-title":"Ownership concentration and finan-cial policy of China\u2019s listed firms","volume":"79","author":"Choi","year":"2023","journal-title":"China Econ. Rev."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"783","DOI":"10.1111\/corg.12432","article-title":"The effect of ownership structure on investment decisions under exogenous shocks","volume":"30","author":"Lagos","year":"2022","journal-title":"Corp. Gov. Int. Rev."},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"3475","DOI":"10.1108\/MD-07-2022-0885","article-title":"Ownership concentration and R&D investment: The moderating role of stock options","volume":"61","author":"Qian","year":"2023","journal-title":"Manag. Decis."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"4441","DOI":"10.1287\/mnsc.2021.01039","article-title":"Ownership Concen-tration and Firm Value: New Evidence from Owner Stakes in IPOs","volume":"70","author":"Larrain","year":"2024","journal-title":"Manag. Sci."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"101665","DOI":"10.1016\/j.pacfin.2021.101665","article-title":"Environmental uncertainty, financing constraints and corporate investment: Evidence from China","volume":"70","author":"Li","year":"2021","journal-title":"Pac.-Basin Financ. J."},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"183","DOI":"10.1080\/10438599.2015.1076194","article-title":"Financing constraints, R&D investments and innovative performances: New empirical evidence at the firm level for Europe","volume":"25","author":"Hall","year":"2016","journal-title":"Econ. Innov. New Technol."},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"287","DOI":"10.1016\/j.jfineco.2012.05.009","article-title":"Entrepreneurial risk, investment, and innovation","volume":"106","author":"Caggese","year":"2012","journal-title":"J. Financ. Econ."},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"375","DOI":"10.1177\/0001839216674457","article-title":"State Ownership and Firm Innovation in China: An Integrated View of Institutional and Efficiency Logics","volume":"62","author":"Zhou","year":"2017","journal-title":"Adm. Sci. Q."},{"key":"ref_47","first-page":"155","article-title":"Business environment, R&D subsidies, and substantive innovation in state-owned enterprises","volume":"45","author":"Chen","year":"2024","journal-title":"Sci. Res. Manag."},{"key":"ref_48","first-page":"52","article-title":"Research on the Mechanism and Heterogeneity of Business Environment Optimization to Promote Innovation","volume":"11","author":"Sheng","year":"2021","journal-title":"Econ. Rev."},{"key":"ref_49","first-page":"39","article-title":"The Non-linear lmpact of the Business Enviornment on the High-quality Development of China\u2019s Provincial Economy: Considering the Moderating Effect of Dual Innovation","volume":"39","author":"Qian","year":"2022","journal-title":"Sci. Technol. Prog. Countermeas."},{"key":"ref_50","doi-asserted-by":"crossref","first-page":"101668","DOI":"10.1016\/j.jcorpfin.2020.101668","article-title":"Labor cost, government intervention, and corporate innovation: Evidence from China","volume":"64","author":"Li","year":"2020","journal-title":"J. Corp. Financ."},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"77","DOI":"10.1111\/j.1740-8784.2009.00162.x","article-title":"Ownership Concentration and Product Innovation in Chinese Firms: The Mediating Role of Learning Orientation","volume":"6","author":"Li","year":"2010","journal-title":"Manag. Organ. Rev."},{"key":"ref_52","first-page":"193","article-title":"The Driving Role and Mechanism of High-Tech Indus-try Innovation Activities on Regional Economic Development","volume":"44","author":"Liang","year":"2024","journal-title":"Sci. Technol. Manag. Res."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"531","DOI":"10.1093\/rfs\/hhj012","article-title":"Financial constraints risk","volume":"19","author":"Whited","year":"2006","journal-title":"Rev. Financ. Stud."},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"188","DOI":"10.1016\/j.aos.2008.07.001","article-title":"Environmental uncertainty and managers\u2019 use of dis-cretionary accruals","volume":"34","author":"Ghosh","year":"2009","journal-title":"Account. Organ. Soc."},{"key":"ref_55","doi-asserted-by":"crossref","first-page":"280","DOI":"10.1080\/19761597.2019.1678389","article-title":"Government efficiency and enterprise innovation? evidence from China","volume":"27","author":"Chen","year":"2019","journal-title":"Asian J. Technol. Innov."},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"908","DOI":"10.1068\/a45221","article-title":"Social capital and the innovative performance of Italian provinces","volume":"45","author":"Crescenzi","year":"2013","journal-title":"Environ. Plan. A. Econ. Space"},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"104250","DOI":"10.1016\/j.frl.2023.104250","article-title":"Business environment and enterprise digital transformation","volume":"57","author":"Luo","year":"2023","journal-title":"Financ. Res. Lett."},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"1114","DOI":"10.1016\/j.iref.2024.03.071","article-title":"How does business environment affect firm digital transformation: A fsQCA study based on Chinese manufacturing firms","volume":"93","author":"Chen","year":"2024","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_59","doi-asserted-by":"crossref","unstructured":"Zhao, H., Chen, H., Zhao, H., Lu, Y., and Zhu, J. (2023). What business environment element configuration can promote urban digitization development?. Environ. Dev. Sustain., 1\u201322.","DOI":"10.1007\/s10668-023-03794-w"},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"101717","DOI":"10.1016\/j.asieco.2024.101717","article-title":"Business environment and the choice of entry mode of OFDI: Evidence from China","volume":"92","author":"Xie","year":"2024","journal-title":"J. Asian Econ."},{"key":"ref_61","doi-asserted-by":"crossref","unstructured":"Liu, J., and Yi, W.Y. (2023). The impact of business environment on corporate de-fault risk: Evidence from China. Appl. Econ. Lett., 1\u20138.","DOI":"10.1080\/13504851.2023.2279225"}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/12\/9\/360\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T15:53:42Z","timestamp":1760111622000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/12\/9\/360"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,9,11]]},"references-count":61,"journal-issue":{"issue":"9","published-online":{"date-parts":[[2024,9]]}},"alternative-id":["systems12090360"],"URL":"https:\/\/doi.org\/10.3390\/systems12090360","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2024,9,11]]}}}